Finance Sector

Retro tax amendment to be undertaken with extreme caution: FM

Arun JaitleyNew Delhi: Assuring investors that retrospective amendments to tax laws will be undertaken with extreme caution, Finance Minister Arun Jaitley today said all fresh cases arising out of the 2012 amendment of I-T Act will be looked into by a high level CBDT committee.

However, the existing tax disputes, arising out of Retrospective Amendment to the Income tax Act, 1961, and are pending in Courts, will be allowed to reach their logical conclusions, he said.

"The sovereign right of the government to undertake retrospective legislation in unquestionable.


US, European funds buy majority of RCom's over Rs 4,800 cr QIP

US, European funds buy majority of RCom's over Rs 4,800 cr QIPNew Delhi: US and European institutional investors bought a majority of shares in the over Rs 4,800-crore QIP offering by telecom operator Reliance Communications.

"About 84 percent of QIP was picked up by Sovereign Funds and Pension Funds from US and Europe. A large chunk was also picked up by Indian mutual funds," a source said.

After the Qualified Institutional Placement (QIP) share allotment, promoter shareholding in RCom will drop to 60 percent from 67 percent while foreign holding will be 23 percent.


Sebi hopes anti-ponzi ordinance would become a law soon

SebiNew Delhi: Armed with powers given through an ordinance to take on investment frauds, Sebi chairman U K Sinha today said he hopes it would soon become a permanent law to ensure continued clampdown against illegal investment schemes.

Sinha said that a large number of illegal deposit-taking schemes were still defrauding the investors, although the capital markets regulator has used the powers granted through the ordinance very effectively to bring to book many entities engaged in such activities.


Pvt insurers meet FM; pitch for raising FDI ceiling to 49%

Arun JaitleyNew Delhi: Keen to push insurance sector reforms, Finance Minister Arun Jaitley today met CEOs of private sector companies to discuss issues related to capital requirements, including cap on foreign direct investment.

Industry has been demanding raising FDI limit to 49 percent from 26 percent at present so that they get the much needed capital to enhance their business.

"We are talking... It is pre-budget discussion," Minister of State for Finance Nirmala Sitharaman, who was also present at the hour-long meeting, told reporters.


US Justice Department preparing to sue Citigroup

CitigroupWashington: The US Justice Department is finalising a lawsuit against Citigroup over the bank's sale of residential mortgage-backed securities after negotiations to resolve the matter broke down.

Two people with direct knowledge of the matter say negotiations between the department and the bank fell apart this week. They said a lawsuit from the federal government could be filed as early as next week.

The people spoke on condition of anonymity because they weren't authorised to be quoted by name when discussing a complaint that has not yet been filed.


IDBI Bank inks agreement to finance FICCI's MSME members

IDBI Bank inks agreement to finance FICCI's MSME membersMumbai: State-run IDBI Bank on Monday said it had entered into an agreement with FICCI, under which it would finance the industry lobby's small business members.

A memorandum of understanding (MoU) was signed by IDBI Bank Deputy Managing Director B K Batra, FICCI Secretary General A Didar Singh, and its affiliated body FICCI-MSME on Monday, an IDBI Bank release said.


$147-million IFC loan to Jubilant Pharma

jubilant-life-sciencesBangalore, May 26 : The International Finance Corporation (IFC) of the World Bank is lending $147.5 million (Rs. 863 crore) to Jubilant Pharma, a Singapore-based subsidiary of drug major Jubilant Life Sciences, to ensure access to affordable drugs in underserved markets in India and other countries.

"The loan will help us increase focus on the pharmaceutical sector and strengthen its generic drug manufacturing facilities in India," Jubilant chairman Shyam S. Bhartia said in a statement Monday.


CFO survey shows UK firms optimistic over hiring and investments

DeloitteA new survey of chief financial officers (CFOs) in the UK has showed that the financial decision makers are looking to increase hiring and investment during the coming 12 months.

The survey conducted by professional services group Deloitte on a quarterly basis showed that 81 per cent of those surveyed showed that British businesses are planning to increase the number of employees, about 80 per cent said that they expect higher capital expenditure and 95 per cent expect increased mergers and acquisitions.


Increase transparency to deal with crony capitalism: CII

CIIIndian can deal with crony capitalism by introducing transparency and reducing discretionary power, new CII President Ajay Shriram suggested.

Expressing his views about crony capitalism in a just published interview, Mr. Shriram admitted that India too, like other countries, has 'black sheeps'.

Speaking about the issue, he said, "We have to accept that there are humans all over the world. We have had black sheeps. It's not only in India; it's in America, in Europe, every country. We should have a balanced approach and look at what to do with rules and regulations."


KFC registers 50 percent growth in loan disbursement

Kerala-Financial-CorporationThiruvananthapuram, April 3 : State-owned Kerala Financial Corporation (KFC) registered a record growth in critical operational areas like sanction, disbursement and recovery for the 2013-14 financial year.

The year-end figures show that KFC has sanctioned Rs. 989.48 crore as loans to MSME (micro-small-medium enterprises) sectors of the state with a growth of 49 percent over the previous fiscal.

The loan disbursed stood at Rs. 754.73 crore during the fiscal ended 2013-14.

The total recovery during the period stood at Rs. 568.61 crore.


FM comes up with more changes in Direct Tax Code draft bill

P ChidambaramP. Chidambaram-led finance ministry has made some more changes in the Direct Tax Code draft bill that aims to replace the country's income tax act of 1961.

In the revised DTC, the finance ministry has accepted 153 of 190 recommendations made by Yashwant Sinha-headed parliamentary standing committee on income tax.

However, the finance ministry didn't accept the standing committee's recommendation that the limit of income tax exemption should be hiked to Rs 3 lakh and the remaining tax slabs should be relaxed.


Ireland’s exports to grow 6%, says HSBC

HSBCGlobal financial giant, HSBC has said in a report that it expects Ireland to record an increase of 6 per cent in its exports as the country's economy records strong recovery.

HSBC said that the Irish economy will benefit from improvements in price competitiveness and higher demand from Europe from Irish products. The country recorded a fall in net exports in the previous year due to pharma patent issues but the bank and financial services firm believes that the exports will rise 6 per cent this year.


IFG sells UK unit to Ascot Lloyd

IFG sells UK unit to Ascot LloydIFG, a leading financial service giant, has said that it is selling its UK business IFG Financial Services, to Ascot Lloyd in a deal valued at about £3.5 million or about €4.19 million.

Booterstown-based IFG said that it might get a maximum of£5.6m if sales targets of the company are met in the next two years. The company's UK unit will become a part of the IFA business of Ascot. Ascot's IFA businesses will now include FG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited.


Market entities directed to conduct detailed risk assessment of their clients

SEBIAs part of its efforts to check money laundering and terrorist financing, the Securities & Exchange Board of India (Sebi) on Wednesday directed market entities to carry out detailed risk assessment of all of their clients.

The capital market regulator also directed market intermediaries, such as stock broking firms, to appoint a 'designated director' to make sure they comply with the Prevention of Money Laundering (PML) Act. 


FCA to probe debt collection by payday lenders

Financial Conduct AuthorityUK's regulator, the Financial Conduct Authority (FCA) has said that it is planning to conduct an investigation into the way payday loans collects debt from its borrowers.

The review comes after customers complained over the way payday loan companies treat borrowers, who are struggling to repay loans. The regulator is taking over the regulation of the consumer credit sector on 1 April and the investigation will be the first step to address issues in the industry. The regulator has also panned several other actions to make strict regulations in the industry.


Experts still confident over Bitcoin’s future

BitcoinFinancial experts and the supporters of online currency, Bitcoin are still confidence over the future of the currency even after the collapse of Mt. Gox of Torkyo, which was of the world's largest exchange for digital currency transactions.

The government said that it will look at factors that resulted in the closure of the exchange, which was the leading exchange for bitcoin virtual currency. The currency did not have much value earlier but its value increased significantly after online traders began using it for business purposes. The value of increasing popular cyber currency, Bitcoin has risen to the mark of $1,000 for the first time since it was created.


Andrew Bailey talks tough on Co-op bank

Andrew BaileyUK's tough financial regulator, Andrew Bailey has indicated that he will take tougher line against the industry in the country than his predecessors.

He said that he will take a tough stance in supervising Britain's discredited banks following a series of scandals in in the financial sector in the country. Bailey will now act as head of the Prudential Regulation Authority and deputy governor of the Bank of England and will have authority to regulate the banking sector in the country.


Chidambaram felicitates successful candidates of industry-oriented training courses

P ChidambaramNew Delhi, Feb 6 : Finance Minister P. Chidambaram felicitated, the first batch of over 300 successful candidates from the National Capital Region who have completed their industry oriented training courses under the National Skill Certification and Monetary Reward Scheme .

These candidates who were trained under the STAR scheme skilled in 11 different industry sectors received their STAR certificates on the completion of their respective courses. The scheme was launched by the Finance Minister on August 16, 2013 and is being implemented on a pan-India basis by the


Finance Ministry expected to achieve fiscal deficit target of 4.8%

Finance Ministry expected to achieve fiscal deficit target of 4.8%The finance ministry may achieve its fiscal deficit target of 4.8 per cent, as stated in the government's Budget Estimate for the current financial year.

The union government's fiscal deficit reached 95.2 per cent of the Budget Estimate in just nine months (April to December 2013) of the current financial year.


Govt. may relax gold import curbs by end of current fiscal: Chidambaram

P ChidambaramThe government may relax the curbs on gold imports by the end of current financial year if manages to control the country's ballooning current account deficit (CAD), Union Finance Minister P. Chidambaram said.

India is the world's second largest consumer of gold, after China. Heavy imports of the precious yellow metal led to ballooning of the country's CAD to a record high last year, forcing the government to take strict measures to curb imports of the metal.


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